Sony's PlayStation 5 is coming this holiday season — here's what you should know before you preorder

• Sony will launch the PlayStation 5 during the 2020 holiday season with a standard model and a digital edition with no disc drive.
• Sony showed off the PlayStation 5's look for the first time and announced the initial lineup of PlayStation 5 games during an hourlong livestream event on June 11.
• Though pricing and preorder details haven't been revealed yet, we'll update this post as soon as they become available.
• Visit Business Insider's homepage for more stories.

Sony's PlayStation 5 has been unveiled following an hourlong livestream. Sony still hasn't announced the price or release date of the PS5, but the console will launch during the 2020 holiday season. 

Sony detailed the PlayStation 5's look for the first time during the event, showing off the PS5's DualSense controller and announcing the initial lineup of PlayStation 5 games. The stream included trailers for titles like "Spider-Man: Miles Morales,""Gran Turismo 7,""Resident Evil: Village," and "Ratchet and Clank: Rift Apart."

The PlayStation 4 is the most popular video-game console of its generation, having sold more than 100 million units worldwide since November 2013. The PlayStation 5 will compete with the Xbox Series X, Microsoft's upcoming console, for the affection of gamers throughout the 2020 holiday season.

While new PlayStation and Xbox consoles are just a few months away, PlayStation 4 and Xbox One consoles are selling out amid the coronavirus pandemic and shelter-in-place orders. Reports have indicated that the pandemic could lead Sony to produce fewer PS5 consoles for the initial launch.

Though full details on pricing and availability for the PS5 are still forthcoming, we've detailed everything we know so far about how to buy the console. We'll update this article with more preorder information as it's revealed.

Sony PlayStation 5 price

The PlayStation 5 will be released in two different models — one that has a 4K Ultra HD Blu-ray drive and a "digital edition" with no disc drive at all. It's unclear if the digital edition will be less expensive, but the two models are otherwise the same. An official price has not been announced yet, but prior reports have suggested that the console will cost approximately $500 or $550.

You can expect to find the PlayStation 5 at all major retailers when it launches this holiday season. Several stores, including Best Buy, Target, and GameStop, have already established landing pages to keep buyers informed about preorders. We'll update this post when preorders are available.

Sony PlayStation 5 specifications

Sony has said the PlayStation 5 will boast much more powerful hardware than the PlayStation 4 and PS4 Pro. Upgrades include a solid-state hard drive and a graphics card capable of ray-tracing technology.

"Fortnite" creator Epic Games used the PlayStation 5 for an impressive technical demonstration of its upcoming Unreal Engine 5 software, giving gamers an early look at the new console's potential.